National Bank of Fujairah Car and Auto Loan in the UAE

About the Bank

The National Bank of Fujairah was established in 1982 in UAE and has provided financial and banking services in areas of commercial banking, corporate banking, personal banking, trade finance and so on. NBF is a leading financial institution. It has a growing presence in capital markets and has formed partnerships with several global organizations.

NBF focuses on providing customer-centric financial services while prioritizing innovation and administration as well. NBF has provided financial backup to many industries like - oil and shipping, manufacturing, construction, education, healthcare and so on.

You’re probably eligible for National Bank of Fujairah Car Loan if you are

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Less than 68 years old

Salaried or self-employed with regular income

Earn more than the minimum income required

Your National Bank of Fujairah Car Loan amount eligibility is based on these factors

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AED 1,000,000

EMIs of other loans lower your eligibility

Increase your eligible National Bank of Fujairah Car Loan amount by these steps

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Pay off your credit card bills

Choose longer tenure loan up to 5 years

Documentation needed to apply for an National Bank of Fujairah Car Loan

1. A copy of your valid passport

2. A copy of your valid residency visa (for expatriates)

3. A copy of your current dated salary certificate (less than 30 days old)

UAE Nationals have no limit on the number of car loans they can avail through NBF. Expatriates can avail only up to two vehicles through the NBF car loan scheme.

The interest rates applicable are as follows on a NBF Car Loan:

UAE citizens and expatriates have to pay a Down Payment requirement interest rate of 20% for new cars and 30% for used cars, irrespective of the tenure of repayment.

Interest rate on a new car for four years is 3.25% per annum and interest rate on an old car during the first four years of the loan term is 3.5% per annum for bank approved car dealerships and 4.89% for individual sales.

Eligibility Criteria and other requirements for NBF Car Loan:

The applicant should be a UAE citizen or resident expatriate.

The individual has to be employed for a minimum of 6 months in his current organization in order to be eligible for this loan.

Age at time of maturity: For a UAE national, the age at the time of maturity should be no more than 68 years and for an expatriate the customer’s age should be no more than 60.

The vehicle at the time of purchase should be as old as 3 years or below.

Documents to be submitted for NBF Car Loan:

A valid passport copy.

Expatriates have to provide a copy of residency visa.

A driving license copy.

The vehicle's value quotation that is to be communicated to the NBF through the bank.

Salaried individuals have to provide Salary certificate/salary transfer letter and proof of income if the individual is self-employed.

If you are an expatriate residing in the UAE, you should be aged between 21 to 65 years. Along with a valid Emirates ID, you will also have to submit copies of UAE visa, driving license. In case you are a salaried applicant, you will have to provide the last three months' or copies of bank statements of income transfer.

Can I avail a loan, from NBF, for used cars?

Yes. You can buy a used car with the help of ‘used car loan’ offered by NBF. With competitive rates of interest National Bank of Fujairah is the most sought-after bank when it comes to previously-owned car loan. The rate of interest for used car loans starts from 3.99% per annum.

Before opting for the loan it is essential to check the age of the car and the loan’s maturity in years. These two criteria should fall within the framework of the maximum maturities specified by the bank and not exceed eight years.

In case I want to apply for a car loan, do I need to bring a guarantor along?

Generally you may not need a guarantor. However, in case your income does not meet the bank’s credit criteria, then you may be required to bring along a guarantor to stand surety for your loan.

How much of a down payment will I be required to make?

Depending on the loan amount and car you intend to purchase, you may have to give at least 20% of the amount as down payment.

Does the bank offer insurance cover as well, along with the car loan?

Yes the bank also provides motor insurance for four wheelers, saloons, and motorcycles as well. At competitive interest rates, HSBC provides an attractive discount on annual premium of the auto insurance. Visit any of National Bank of Fujairah’s nearest branch for more information.

For how many vehicles can I take auto loans from NBF?

If you are a UAE national, you can buy as many vehicles as you want with financing from NBF – you only have to meet the debt burden ratio. If you are an expat, you can buy 2 vehicles with loans from NBF.

Can I change bring down or increase the duration of my car loan?

Yes, you can. Though the decision depends on the bank’s approval.

What is the maximum tenure over which I can pay back my auto loan?

A new car loan from NBF can be paid back over a maximum period of 5 years.

When is the first instalment from my car loan due?

The first car loan EMI has to be paid 45 days after the loan is disbursed.

Can I defer my payment any time?

Yes, you can defer one payment a year, if you meet certain criteria set by NBF.

If I am applying for a used car loan, how old can the vehicle be?

The vehicle being financed by NBF cannot be more than 3 years old.

Is there an age limit to me getting an auto loan?

A UAE national can be no more 68 years old at the time of the car loan’s maturity, while an expatriate can be a maximum of 60 years old.

Even the expats in the UAE can buy the car of their dreams with a car loan as all the leading banks in the UAE offer car loans for the expats. It is an easy business, even though the expats will need to provide a little more information about themselves.

Whether for their family or for their personal use, the banks in the UAE offer NRIs staying there to apply for a car loan, especially designed for them. The NRI Car Loans are modified to make it easier for the NRIs to avail the loans.

Yes, you can. The banks in the UAE provide car loans even for buying commercial vehicle(s). Even these offer a wide range of benefits like high range of financing, flexibility of down-payments and longer tenures.

Islamic Car Loan or Car Leasing or Car Ijarah these all are just another terms for Islamic Car Financing in the UAE. It differs a lot from the conventional banking mode and is based on the Sharia principles of the Islamic law. Best thing, its interest free!

News about NBF Car Loan in the UAE

UAE banks prepared for any downturn in the economy

The CEO of the National Bank of Fujairah, Vince Cook, has said that even though the macroeconomic sector of the UAE has been suffering a bit off late, banks are prepared for the possible deterioration that it may cause in asset quality. He has said that the bank is in a position where liquidity issue will not bother it and has also pointed out that many of the customers, including businesses, are being more open about their problems, which has led to greater transparency. The slowdown in the economy has been attributed to the fall in the price of oil but it has not come as a surprise as the slowdown has been called a cyclic event.

The profits over the last 9 months for the National Bank of Fujairah PJSC (NBF) has been rather impressive. The net profits have shown a growth of 22.9% bringing the profits to AED 453.8 million in the first 9 months of 2015. The operating profit for the bank was recorded at AED 586.1 million which is a growth of 120.7 million as compared to the profits for the same period in 2014.

The loans given out by the bank increase by 18.9% and the deposits by customers also rose by 12.8%. Shareholder equity has also increased by 24.2% bringing it to AED 4.2 billion, an increase of 0.8% as compared to 2014. H.E. Sir Easa Saleh Al Gurg the CBE Deputy Chairman said that these figures just went to show the bank's dedication to its core values of discipline and maintenance of good credit quality.